Gas Turbine MRO Market Size

Gas Turbine MRO Market size was over USD 18 Billion in 2023 and is poised to reach USD 42 Billion by the end of 2036, growing at around 7.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of gas turbine MRO is estimated at USD 19.3 Billion.

The reason behind this boost is anticipated by the increasing digitization, as it allows for predictive maintenance to be performed more accurately, leading to reduced operating costs, improved efficiency, and greater uptime. According to the World Bank, the investments in digital solutions from micro firms doubled to 20% in 2022 from 20% in 2020. This, in turn, directly leads to increased gas turbine MRO market growth.

In addition, the fast-paced industrialization leads to huge demands for power and also leads to the construction of more power plants, which in turn leads to the huge demands for gas turbines, as they are necessary for the production of electricity, and therefore the more the level of industrialization increases, leading to new power plants, the higher the demand will be for gas turbines.

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of the gas turbine MRO market was over USD 18 billion.

The market size of the gas turbine MRO market is projected to cross USD 42 billion by the end of 2036 expanding at a CAGR of 7.2% during the forecast period i.e., between 2024-2036.

The major players in the market are General Electric (GE), Ansaldo Energia, Solar Turbines, Baker Hughes, Evonik Industries Flour Corp., OPRA Turbines, Caterpillar Inc., Metalock Engineering Group, and others.

In terms of service type, the maintenance segment is anticipated to garner the largest market share of 48% by 2036 and display significant growth opportunities during 2024-2036

The market in the North American region is projected to hold the largest market share of 46% by the end of 2036 and provide more business opportunities in the future.

Gas Turbine MRO Market Size